We are setting this up for the first time. The system that we (are)/were using is disorganized to say the least. Anyway, we have set up the chart of accounts and have been posting contributions and some journal entries. However, when we set everything up initially, beginning balances were not available. We completed the accounting setup anyway. We now have beginning balances and need to know how to get these in after the fact without starting over- fortunately there are only a few (assets). I can make journal entries but am not sure what to credit? Any advice would be greatly appreciated!
Thanks!!
Beginning Balances- help!
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Zaphod
- Program Development
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For beginning balances, you can debit the appropriate asset, and credit your equity account. Most likely, it's going to be 3110-000 Unrestricted Net Assets unless you've done something to change that.
To establish beginning balances for liability accounts (loans, etc), you'll credit the liability, and debit equity.
To establish beginning balances for liability accounts (loans, etc), you'll credit the liability, and debit equity.
Thank you- I see the Net Assets. I think this is why I was confused in the first place- I don't see any other equity accounts. I think that these were supposed to be set up automatically? Could I have messed something up with this in the setup? The only liability (with a possible beg. balance) that we have is payroll taxes....
Thank you again for your assistance on this!
Thank you again for your assistance on this!
